Swiss Firm to Allocate 1$ Bln for Green Hydrogen Production in Egypt

Hydrogen pipes in a green hydrogen facility. (Getty)
Hydrogen pipes in a green hydrogen facility. (Getty)
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Swiss Firm to Allocate 1$ Bln for Green Hydrogen Production in Egypt

Hydrogen pipes in a green hydrogen facility. (Getty)
Hydrogen pipes in a green hydrogen facility. (Getty)

Smartenergy intends to expand in Egypt by producing green hydrogen in a project of initial value worth one billion dollars, said well-informed sources.

The company is specialized in renewable energy.

Smartenergy didn’t make an official statement regarding the project, but well-informed sources told Asharq Al-Awsat that the company has reached an advanced level in the negotiations with the Egyptian government to establish a $1 billion hydrogen production factory.

Chief Financial Officer Dr. René Cotting confirmed that the signing of an agreement with the Egyptian government to produce hydrogen in Egypt is imminent.

He didn’t give further details.

The agreement was supposed to be signed a while ago, remarked the sources, but some procedures related to new lands’ licenses and the issuance dates caused delays.

Founded in 2011 and located in Switzerland, Smartenergy focuses on investments in renewable energy and related ventures. It has projects in Germany, Italy, Spain, and Portugal.

Egypt has recently signed agreements and MoUs with foreign firms to establish industrial compounds to produce green hydrogen inside the Sokhna Industrial Zone.

The government has stepped up efforts to advance the projects of green hydrogen production in Egypt, amid a global energy crisis.



French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
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French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)

People in France must work more, Finance Minister Antoine Armand said on Monday, adding that the fact that French people worked less than their counterparts in Europe was harming the economy due to lower tax contributions and social security payments.

The government is examining reforms to speed up its sluggish economic growth, although changes to work practices are often opposed by trade unions.

"On average, a French person works clearly less than his neighbors, over the course of a year," Armand told C News TV.

"The consequence of this is fewer social security payments, less money to finance our social models, fewer tax receipts and ultimately fewer jobs and less economic growth."

France, the euro zone's second biggest economy, wants to cut its public deficit to a targeted 5% of GDP by 2025.

The country's 35-hour work week, introduced in 2000, has typically been fiercely defended by trade unions, while reforms to France's pension system have also faced widespread protests.

"Let's all work a bit more, collectively speaking, starting off by making sure that everyone respects the working hours that they have been given, in all sectors," Armand said.